Life Electric Vehicles Holdings, Inc. (Life EV) has completed the court-approved acquisition of Rad Power Bikes' assets following a bankruptcy process. The company paid approximately $13.2 million in cash to acquire the brand, intellectual property, and inventory.
Life EV will continue operations under the Rad Power Bikes brand and maintain existing retail locations. The company plans to expand into key markets while transitioning production to the United States to improve quality control and supply chain management.
The new ownership group will honor certain customer warranties and gift cards to maintain the existing rider community. This transaction follows Life EV's 2023 acquisition of Serial 1, the e-bike brand originally spun off from Harley-Davidson.